WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement slamming Director Kraninger’s proposal to gut the CFPB’s payday lending rule. The Director plans to eliminate requirements that lenders ensure families can afford to repay their loans and that limit the number of repeat loans a lender can sell to a borrower.

“Eliminating these common sense protections will result in millions of hardworking families trapped in a cycle of debt and poverty,” said Brown. “The CFPB is helping payday lenders rob families of their hard-earned money.”

The CFPB’s payday lending rule was the result of several years of study, stakeholder feedback, and research that demonstrated the harm predatory payday lenders do to working families and the economy.